Markets sees Rs2.83 lk cr vol on expiry; Nifty ends below 6000
28 Oct 2010
The benchmark Nifty closed below the 6000 level - a psychologically important level, on expiry day for the month of October 2010, especially after extremely volatile trade in last one hour of trade. The market has seen highest ever turnover on Thursday; which was more than 2.8 lakh crore.
Total traded turnover was the highest ever in the history of Indian markets; both exchanges reported turnover of Rs 2,82,598.09 crore. This included Rs 24,769.14 crore from NSE cash segment, Rs 2,52,504.79 crore from NSE F&O and the rest of Rs 5,324.16 crore from BSE cash segment. Earlier on the expiry day of September; the market had seen turnover of Rs 2,36,128.71 crore.
Equity benchmarks were highly volatile in trade in the last one hour of trade; the Sensex shed more than 136 points and the Nifty 44 points in that period of time. However, before that period indices were positive with mild volatility since the beginning of trade.
A cautious Ambareesh Baliga of Karvy Stock Broking says the key level to watch out for is 5,970 on Nifty. ''In case is broken then one can clearly see a 100-150 points drop within a few trading sessions.''
The final support for the market is around 5,800-5,830. If that breaks then there will not be a correction, there will be a slide, he says adding, ''That is the time possibly I'll close all my positions.''
However, Andrew Holland of Ambit Capital remains bullish on Indian equities and expects the markets to rally here. ''India is not a risky bet and I feel liquidity will continue to come into the country. I don't see big retrenchment of money from India,'' he reasons. He feels index heavyweight Reliance Industries will lead the bourses to new highs before Diwali.
.webp)
